How does China’s stock market react to the announcement of the COVID-19 pandemic lockdown?

In this paper,we study how China’s stock market reacts to the sudden outbreak of COVID-19 in 2020,particularly to the announcement of the pandemic lockdown.In general,we observe reversals both at the industry level and at the firm level due to investors’overreactions to the pandemic lockdown.For industryand firm-level stocks with positive cumulative abnormal returns(CARs)in the event window when Wuhan was locked down,the reversals are stronger.Thus,the reversal effects are mostly driven by industries and stocks that positively overreact to COVID-19 than do others.Further investigation shows that overreactions are stronger for stocks with lower institutional ownership,which means that retail investors react more strongly to COVID-19.Among stocks with positive CARs in the event window,those with higher idiosyncratic volatilities and lower book-to-market ratios tend to have worse performance after one month.

Consideration of some key issues of carbon market development in China

The global carbon market has developed rapidly with two significant trends of globalization and financialization.Deriving economic interest is a nation driven-force behind the international climate negotiation and carbon market.According to deeply analyzed relationships between the carbon market and the key subjects of the climate negotiation,this article reveals that promoting the development of the global carbon market is one of the core interests of developed nations.Based on the background of international carbon market development and domestic carbon market pilots,four suggestions to the key issues of China's carbon market are provided.The first is that the goal of China's carbon market should be in line with and contribute to the national objectives and policies addressing climate change.The second is that the Chinese carbon market should mainly target the emission reduction of production-sectors,and contribute to their upgradation and transformation.The third is mat the development of the nation-wide carbon market in China should first take the principle of unbalanced regional development into consideration.The fourth is that linking China's carbon market to the international market should keep steps in line with international opening-up of China's financing system.

Stock Markets,Financial Depth,and Economic Growth in China:Evidence from ARDLModel

The relationship between financial development and economic growth in China is controversial.From this perspective,this article aims to identify this relationship using both capital market and banking intermediation indicators,which were rarely considered in the previous literature.An autoregressive model with staggered lags(ARDL)examines the long-run cointegration relationship between 1980 and 2020.The results suggest that the contribution of different subsectors of the Chinese financial system to economic growth differs.The development of the money market has a negative impact,whereas market capitalization has a positive impact on economic growth in China.Regarding the contribution of the banking system to China's economic growth,the two variables measuring the depth of financial institutions showed opposite impacts in both the short and long term.Regarding important policy implications,regulators need to ensure a pro-growth environment,effectively regulate the informal banking system,and prevent potential financial risks by revising policies.

Booming Demand in China’s Second-hand Market——2018 Development Report for China Second-hand E-businesses

On June 3rd,JD.com announced that Paipai,its second-hand commodity trade platform,was strategically merged with Aihuishou(Love Recycling)which is one of the largest electronics recycling platforms in China.Recently,the Ecommerce Research Centre of 100ec.cn released the2018 Development Report for China Second-hand E-businesses(hereinafter referred to as the Report),which indicated that as of the end of 2017.

New Momentum in China’s Import Consumption Market——China Chamber of International Commerce,Deloitte China and Ali Research Jointly Release China Import Consumption Market Report

Stimulated by the continuous opening-up strategy and strong domestic demand,China s consumption market has become an important growth pole for the global market.China’s import consumption market has ushered in innovation driven by technology,and new import models represented by cross-border e-commerce have strengthened ties between China and other countries around the world.

Global Mobile Market Situations and China Telecom's Strategy to Enter Mobile Market

The article briefly introduces the situation of the global mobile communications market,and based on the development status quo of China's mobile communications market,studies the strategy for China Telecom to enter the mobile market,mainly focusing on mo- bile technologies selection,differentiable services,regional strate- gies and price policies.

The Effect of Dividends and Earnings per Share on the Stock Market Value by Moderating Bank Size

The aim of this study was to investigate the effect of dividend distributions and earnings per share by moderating bank size as measured by its total assets on the stock market value of banks operating in Jordan during the period between 2011 and 2016.The hypotheses of the study were tested based on multiple and hierarchical regression method.The most important result of the study is that the earnings per share is the strongest variable that helps in predicting the stock market value of the bank shares,in addition to the significant effect of bank size as measured by its total assets.

Do the RMB exchange rate and global commodity prices have asymmetric or symmetric effects on China’s stock prices?

With the rapid expansion of the RMB exchange rate’s floating range,the effects of the RMB exchange rate and global commodity price changes on China’s stock prices are likely to increase.This study uses both auto regressive distributed lag(ARDL)and nonlinear ARDL(NARDL)approaches to explore the symmetric and asymmetric effects of the RMB exchange rate and global commodity prices on China’s stock prices.Our findings show that without considering the critical variable of global commodity prices,there is no cointegration relationship between the RMB exchange rate and China’s stock prices,and the coefficient of the RMB exchange rate is not statistically significant.However,when we introduce global commodity prices into the NARDL model,the result shows that the RMB exchange rate has a negative effect on China’s stock prices,that there indeed exists a long-run cointegration relationship among the RMB exchange rate,global commodity prices,and stock prices in the NARDL model,and that global commodity price changes have an asymmetric effect on China’s stock prices in the long run.Specifically,China’s stock prices are more sensitive to increases than decreases in global commodity prices.Thus,increases in global commodity prices cause China’s stock prices to decline sharply.In contrast,the same magnitude of decline in global commodity prices induces a smaller increase in China’s stock prices.

China's Refrigerator Market

China’s refrigerator industry developed at a rapid pace in the 1980s when the purchase of household electrical appliances was progressing the country. More than half of the refrigerator enterprises disappeared from the market in ten years of bitter competition. However, seven brands of refrigerators——Changling, Shangling, Rongsheng, Qindao, Meiling, Zhongyi and Shuanglu——have captured 90% of the market with their high quality products, after-sales service, new product development and financial viability. Between 1955 and 1977,

China's Steel Market

1. Exuberant supply and demand dominated the first half of 1993, but levelled out in the second half. In 1993, China’s steel production had sustained growth, with an output of 88.68 million tons of steel, 9.56 percent increase over 1992, and 76 million tons of steel products, 13.58 percent up on the

CHINA'S Rubber INDUSTRY AND MARKET

As an importantcomponent of thechemical industry,the rubberindustry serves varioussectors of the nationaleconomy.Thanks to China’sreform and economicopening,and increasinglyexpanded domestic marketsand exports,the rubberindustry has achievedsustained,steady and healthygrowth in production andtechnical research.

Expected Investment Premium in China Capital Market

Through a measurement of corporate investment plan,i.e.expected investment cash flow growth(EICFG),which combines historical equity issuance and factors that influence firm’s future investment,this paper studies the impact of investment expectation on firm’s cross-sectional return of stock in China capital market.I document the negative correlation between EICFG and future stock return in A-share market,and find out that stocks of firms with higher growth of investment cash flow performs significantly worse than those with lower growth of investment cash flow in one year.Our long-short EICFG portfolio generates a statistically and economically significant return which cannot be captured by leading factor models.I further disentangle the covariation between EICFG and expected stock return from rational and behavioral perspective.This paper also extends the research of investment premium to investment-based asset pricing model.

Motorola—A Great Success in China's Market

In 1994, Motorola (China) Electronics Co. Ltd. injected a further US$120 million of investment in its Tianjin Factory to enforce and expand its rear procedure for semiconductor production, and establish a devices and components division and power source Components division. In August of the same year, the company offered another US$ 200 million to purchase land for new factories, to set up a front procedure for the production line for semiconductors, to produce double-way radio equipment. In October,its Shanghai division was established. It has been disclosed that before 2000,

China's Aviation Market

In the excellent situation of reform, opening to the outside world, development and stability, the China civil aviation transport industry, which plays a leading role in the development of the national economy, is developing steadily. Its speed of development ranks first in the world and is the focus of world attention. In 1994, China’s total air freight turnover reached 5.84 billion tons/km, an increase of 14 times compared with that of 1980,

China's Auto Market in 1997

China’s auto market will develop steadily in 1997, with supply exceeding demand. The demand difference for different cars will be further diminished, witnessing further price rises. Richer sources of auto supply. It is predicted that auto output in 1997 will win a 6 percent increase on the basis of the output of 1.55 million autos in 1996, reaching 1.65 million. The import scale of autos will expand a little on the dropping basis of 1996, maintained at 100,000-120,000 autos from imports. Auto stor-

Opening-up Domestic Bond Market in the Support of China’s Supply-Side Reform

This paper studies the opening-up of domestic bond market in the support of China’s supply-side reform by examining the five core elements about the reform,namely overcapacity trimming,inventory de-stocking,financial deleveraging,cost reduction,and improvement of weak links in the economy.By examining the relationship between bond market opening-up and each element of the reform,the paper comes to the conclusion that the opening-up of domestic bond market is supportive to China’s supply-side reform.